Spatial Labs secures $10 million in seed funding led by Blockchain Capital
Additional support from Marcy Venture partners to support new product innovation and continued growth
LOS ANGELES, 26 January 2023 /PRNewswire/ — Spatial laboratoriesthe leading infrastructure company driving new technologies to redefine the consumer experience for the next generation, today announced a 10 million dollars seed funding round led by Blockchain Capital, a leading venture capital firm in the blockchain industry. Jay-Z’s Marcy Venture Partners has also returned to participate in this round. The conclusion of the seed round brings the company’s total funding over 14 million dollars.
“Our investment in Spatial Labs reflects our view that this technology provides an unprecedented opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephens, founder and managing partner of Blockchain Capital. “By empowering new business models, delivering immersive experiences and providing insight into consumer needs, Spatial Labs will continue to shape and drive the future of commerce and connectivity in the Web3.”
“Spatial Labs designs next-generation technologies to connect brands with younger demographics who shop and interact with products in completely new ways. Through our technology solutions, we provide brands with rich consumer data and previously unavailable revenue models,” said Iddris Sandu, founder. by Spatial Labs. “The consumer goods industry is at a pivotal inflection point. Partnering with ambitious, innovative investors who align with our core ethos will enable Spatial Labs to continue to deliver the tangible innovations that brands and consumers are asking for.”
The new capital will support efforts to scale and diversify Spatial Labs’ proprietary blockchain-enabled technology stack, deepen the company’s footprint across the consumer goods landscape and expand into other industries, including media and entertainment. It will also be allocated to a range of technical, business and strategic team development initiatives aimed at C-Suite executives. These initiatives are intended to accelerate Spatial Labs’ consumer-centric product innovation and continued rapid growth.
“Spatial Labs has already demonstrated incredible innovation in technology and culture. Iddris and the team have the ability to seamlessly connect products in the physical and digital worlds, creating products that create user delight,” said Larry Marcus co-founder and CEO of Marcy Venture Partners .
This is the second investment from Marcy Ventures Partners, following a pre-seed raise of 4 million dollars in 2021 to support the debut of Spatial Labs and the launch of LNQ, an innovative, state-of-the-art chip platform that uses blockchain technology to authenticate products and unlock digital twins. Additional investments came from experienced entrepreneurs and entrepreneurs, incl Ron Burkle (Co-founder of Yucaipa Capital, founder of the Soho House group), Scooter Braun (Raised in Space VC Studio), Anthony Tolliver (Former NBA Player, Principal at Wealthlete Private Equity), and Bobby Wagner (Seattle Seahawks linebacker and partner of VC Studio Fuse Venture Partners).
Founded by 25-year-old entrepreneur and business creative Iddris Sandu, Spatial Labs is committed to creating vertically integrated hardware and software solutions that act as a physical entry point to the digital world – while delivering practical utility. The LNQ One Chip, a proprietary 13mm microchip, enables any item to be scaled into a traceable digital asset on the blockchain and provides owners with a digital ledger that tracks a physical item’s authenticity, origin, ownership history, real-time value and enables additional benefits such as loyalty incentives, enhanced insights and more.
In addition to empowering more conscious consumption, the LNQ One Chip opens up new post-secondary revenue models and is poised to completely revolutionize the brand-to-consumer relationship in the physical and digital worlds. This technology provides an effective solution for brands, retailers and creators to reach and engage with their core audiences, resulting in increased loyalty and lifetime consumer value.
The LNQ On-Chain Network is powered by Polygon, the leading blockchain development platform offering scalable, affordable, secure and sustainable blockchains for the Web3. The two companies partnered in December to release their first official collaboration, ‘Orbs by Spatial Labs’ x Polygon, a double-layer cotton crewneck embedded with the signature LNQ One Chip. The exclusive offering features a generative graphic on the front and branding on the back. By scanning the Orb, users can view an exclusive AR experience and gain access to future drops and Spatial Labs + Polygon ticketed events.
Since its inception in 2020, Spatial Labs has delivered the most innovative hardware-software infrastructure that is shaping the future of commerce, consumer experience and next-generation brand connectivity. For more information about Spatial Labs, please visit slabs.one.
ABOUT SPATIAL LABS
Spatial Labs (sLABS) is an industry-leading hardware/software infrastructure company powering the next generation of Web3 technology. Founded by technologist and entrepreneur Iddris Sandu, Spatial Labs is committed to driving innovation at the intersection of culture, community, connectivity and limitless design to revolutionize the future of the human experience. The company’s first product LNQ, an innovative state-of-the-art blockchain-enabled hardware platform, was publicly launched in May 2022. LNQ aims to make the Web3 more accessible and provide creators with decentralized tools to engage with their communities through LNQ’s proprietary real-time processing stack. To learn more, visit slabs.one.
ABOUT BLOCK CAPITAL
Founded in 2013, Blockchain Capital is one of the earliest and most active investors in the blockchain technology industry and crypto ecosystem. Blockchain Capital has raised seven and distributed five previous venture funds, including the first ever ICO of a venture fund (BCAP) in April 2017. The firm is based in San Francisco and was founded by serial entrepreneurs and Silicon Valley investors Bart Stephens and Brad Stephens. To learn more, please visit www.blockchaincapital.com or follow @blockchaincap on Twitter.
ABOUT MARCY VENTURE PARTNERS
Marcy Venture Partners (MVP) was co-founded by Shawn Carter (JAY Z), Jay Brown and Larry Marcus. MVP has a passion for building game-changing businesses and mass market brands. The firm invests in consumer and culture with an emphasis on positive impact including sustainability, inclusion, accessibility, empowerment and health and wellness. Our companies are led by exceptional management teams with clear vision, purpose and execution. We lead or co-invest in companies that have meaningful brand equity, high customer satisfaction driven by an outstanding product, demonstrated growth and clear catalysts for the next level of scale. https://www.marcyvp.com
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SOURCE Spatial Labs
